Technical Outlook for Majors 26/01/2015

EURUSD
The Euro started the week with gap-lower opening, as expected, according to the results of Greek elections, which increase pressure on the single currency, already weakened by recent SNB and ECB decisions. Lower opening of some 70-pips gap and fresh weakness below last Fridayâ€™s low, posted new low at 1.1096, on a brief probe below 1.11 handle. This was all seen so far, with fresh corrective action under way, on attempts above overnightâ€™s high to fill the gap and signal stronger corrective action, ahead of fresh push lower. Overall picture holds strong bearish, confirmed by daily / weekly close in red, with last weekâ€™s descend, marking the strongest weekly fall since Sep 2010, also losses of the month of January are so far the strongest since May 2012. All these suggest that Euroâ€™s fall is not over, as the price closed for the week below Fibonacci 61.8% of larger 2000/2008 0.8225/1.6039 ascend, seeing scope for attack at psychological 1.10 level, as initial target. Bounce on oversold near-term studies is so far seen as corrective, with initial requirement of sustained break above 1.1200 barrier, to open lower top at 1.1287, ahead of more significant hourly lower platform at 1.1372, last Fridayâ€™s high / near 50% of 1.1679/1.1096 downleg. Key near-term barrier lies at 1.1660/80 Zone, lower platform of 19/21 Jan and Fibonacci 38.2% of 1.2568/1.1096 and only break here would neutralize bears.
Res: 1.1245; 1.1287; 1.1318; 1.1372
Sup: 1.1150; 1.1096; 1.1050; 1.1000

AUDUSD
The pair remains under pressure and posts fresh low at 0.7856, after last Fridayâ€™s acceleration lower closed below psychological 0.80 support, as well as 0.7945, Fibonacci 61.8% retracement of larger 0.6007/1.1079 ascend. Also, long red weekly candle, with weekly loss of that intensity, last time seen in Sep 2014, confirms negative stance for further retracement. Low of July 2009 at 0.7700 is seen as next near-term target, below which there will be no significant obstacles, until 0.7200, Fibonacci 76.4% retracement. Doji in Asian session and price action limited under sessionâ€™s high, would signal limited upside, ahead of fresh attempts lower. Psychological 0.8000 resistance, also Fibonacci 38.2% of 0.8232/0.7856 descend and former lows at 0.8031, mark solid barrier and should ideally cap corrective attempts.
Res: 0.7945; 0.8000; 0.8031; 0.8088
Sup: 0.7856; 0.7800; 0.7750; 0.7700